On the data front, the University of Michigan's consumer sentiment index came in at 96 for October, topping a Dow Jones estimate of 92.

Trump told reporters at the Oval Office that phase one of the trade deal will be written over the next three weeks. The major indexes hit their session highs on this comment, with the Dow rising more than 500 points. Trump made his comments after meeting with Chinese Vice Premier Liu He in the Oval Office.

As part of this phase, China will purchase between $40 billion and $50 billion in U.S. agricultural products. Trump also said the deal includes agreements on foreign-exchange issues with China. In exchange, the U.S. agreed to hold off on tariff hikes that were set to take effect Tuesday.

Prices for the benchmark 10-year U.S. Treasury lost ground, raising yields to 1.73% from Thursday's 1.67%. Treasury prices and yields move in opposite directions.